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July 28, 2014
16:33 EDTSBCFSeacoast Banking reports Q2 adjusted EPS 12c, consensus 10c
Provision for loan loss recapture of $1.4M was recorded for three months ended June 30. Net recoveries of $112K was recorded during the quarter compared to net charge-offs of $2.0M one year ago. Nonperforming assets to total assets declined to 1.2%, compared to 2.0% a year ago. The company's tier 1 capital ratio is estimated at 17.8% and the total risk based capital ratio at 19.1% at June 30. The company reported book value per share of $9.02, and tangible book value ber share of $9.00 for Q2.
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March 26, 2015
07:40 EDTSBCFSeacoast Banking to host conference call
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March 25, 2015
16:18 EDTSBCFSeacoast Banking signs definitive merger agreement to acquire Grand Bankshares
Seacoast Banking, a bank holding company whose principal subsidiary is Seacoast National Bank, and Grand Bankshares, announced the signing of a definitive agreement pursuant to which Grand will merge with and into Seacoast. The acquisition will more than double Seacoast's existing position in Palm Beach County to create one of the largest local community banks in the market. Grand, headquartered in West Palm Beach, Florida and which operates Grand Bank & Trust of Florida, will add approximately $208M in assets, $184M in deposits, and $127M in gross loans to Seacoast's operations, along with 3 branch locations positioned in Palm Beach County. Grand was founded in 1999 and has built a strong deposit franchise, with low cost core deposits representing 90% of total deposits and noninterest bearing demand deposits representing 26% of total deposits. Grand's loan portfolio, which is comprised of approximately 63% commercial real estate loans, complements Seacoast's existing loan portfolio. The boards of directors of both Seacoast and Grand have unanimously approved the transaction. The transaction is expected to close in the third quarter of 2015, and is subject to approval by Grand's shareholders, receipt of regulatory approvals and other customary closing conditions.
March 22, 2015
17:06 EDTSBCFSeacoast Banking shares could rise 20%, Barron's says
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